No. 362, November 1999

Japanese Companies in the US

CONSTRUCTION AND REAL ESTATE

The Ihilani Resort and Spa on Oahu, Hawaii, one of the crown
jewels of JAPAN AIRLINES CO., LTD.'s once far-flung real estate
empire, will be sold to a Hawaiian company as part of the
restructuring of the airline's investment portfolio. The nearby Ko
Olina Golf Club also is part of the deal. The price of the
transaction was not disclosed, but industry sources place it
somewhere around $94.3 million. The resort and its 387-room luxury
hotel opened in 1993. A JAL HOTELS CO., LTD. affiliate currently
manages the properties, but that job will be handed over to MARRIOTT
INTERNATIONAL, INC. when the sale is finalized.